China Overtakes US as Germany’s Top Trading Partner 

A drone view shows ships and containers at the port in Qingdao, Shandong province, China October 20, 2025. (China Daily via Reuters)
A drone view shows ships and containers at the port in Qingdao, Shandong province, China October 20, 2025. (China Daily via Reuters)
TT

China Overtakes US as Germany’s Top Trading Partner 

A drone view shows ships and containers at the port in Qingdao, Shandong province, China October 20, 2025. (China Daily via Reuters)
A drone view shows ships and containers at the port in Qingdao, Shandong province, China October 20, 2025. (China Daily via Reuters)

China overtook the US as Germany's largest trading partner in the first eight months of 2025, regaining the top spot as higher tariffs weighed on German exports to the United States, preliminary data from the German statistics office showed.

German imports and exports with China totaled 163.4 billion euros ($190.7 billion) from January to August, while trade with the US amounted to 162.8 billion euros, according to Reuters calculations.

The US was Germany’s top trading partner in 2024, ending an eight-year streak for China. The shift came as Germany sought to reduce its reliance on China, with Berlin citing political differences and accusing Beijing of unfair practices.

Trade dynamics shifted again this year, however, with Donald Trump’s return to the White House and renewed tariffs.

US TARIFFS TAKE THEIR TOLL ON GERMAN EXPORTS

Tariffs have pushed down German exports to the United States, which fell 7.4% in the first eight months of the year compared with 2024 to 99.6 billion euros. In August, exports to the US fell 23.5% year-on-year, showing that the trend is accelerating.

"There is no question that US tariff and trade policy is an important reason for the decline in sales," said Dirk Jandura, president of the BGA foreign trade association.

Jandura said that US demand for classic German export goods, such as cars, machinery and chemicals, had fallen.

With the ongoing tariff threat and the stronger euro, German exports to the US are unlikely to rebound any time soon, said Carsten Brzeski, global head of macro at ING.

CHINESE IMPORTS TO GERMANY SURGE

Exports to China fell even more sharply than those to the United States, dropping 13.5% year-on-year to 54.7 billion euros in the first eight months of 2025.

By contrast, imports from China rose 8.3% to 108.8 billion euros.

"The renewed import boom from China is worrying," said Brzeski. "Particularly as data shows that these imports come at dumping prices."

He warned that this not only increased German dependence on China but could add to stress in key industries where China has become a major rival.

"In the absence of economic dynamism at home, some in Germany may now be troubled by any shifts on world markets," said Berenberg economist Salomon Fiedler.



Iran’s Oil Production Slumped Due to US Blockade, Closure of Hormuz

The logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)
The logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)
TT

Iran’s Oil Production Slumped Due to US Blockade, Closure of Hormuz

The logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)
The logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)

Iran's oil supplies have registered a sharp decline since the tightening of the US naval blockade and the near-total closure of the Strait of Hormuz, which has also paralyzed the movement of oil and slashed exports by Gulf producers, the monthly report of the Organization of the Petroleum Exporting Countries (OPEC) revealed on Thursday.

Iran’s crude oil production slumped by 19% last month, according to data from OPEC, while the US blockaded the country’s ports during their ongoing conflict.

Iran was the primary contributor to last month’s sharp decline. The cartel reported that Iranian output fell by 19%, or 546,000 barrels, to 2.33 million.

The blockade of the Strait of Hormuz has also affected collective regional figures. Crude oil production by OPEC declined by 177,000 barrels per day (bpd) in May compared with April, driven mainly by a sharp drop in Iranian output, while the group maintained expectations for stronger global oil demand growth in 2026.

Total OPEC crude production averaged 33.13 million barrels per day in May, down by 185,000 daily barrels from the previous month.

The 11-member group trimmed its forecast for global oil demand growth this year to 970,000 barrels per day, citing geopolitical conflict in the Middle East. OPEC had predicted 1.17 million barrels in the previous report.

Meanwhile, OPEC maintained an optimistic outlook for the near future, betting that post-shock energy demand will rapidly rebound.

It raised its 2027 global oil demand growth forecast to 1.73 million bpd, up from the previous projection of 1.54 million bpd.

OPEC's June 2026 monthly report described the global economy's first-half performance as resilient despite the geopolitical environment, leaving its macroeconomic growth forecasts unchanged alongside the demand revision.


Oil Extends Losses as Trump Calls Off Planned Strikes on Iran

FILE PHOTO: A pump jack operates near a crude oil reserve in the Permian Basin oil field near Midland, Texas, US February 18, 2025.  REUTERS/Eli Hartman/File Photo
FILE PHOTO: A pump jack operates near a crude oil reserve in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
TT

Oil Extends Losses as Trump Calls Off Planned Strikes on Iran

FILE PHOTO: A pump jack operates near a crude oil reserve in the Permian Basin oil field near Midland, Texas, US February 18, 2025.  REUTERS/Eli Hartman/File Photo
FILE PHOTO: A pump jack operates near a crude oil reserve in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo

Oil prices fell over $1 on Friday, extending losses from the previous session after US President Donald Trump cancelled plans to strike Iran, reducing fears of an escalation of hostilities following tit-for-tat attacks earlier in the week.

Brent futures fell $1.83 or 2% to $88.55 a barrel at 0410 GMT, while US West Texas Intermediate (WTI) crude dropped $1.60, or 1.8%, to $86.11.

Trump, who had threatened to hit Iran "very hard", called off planned strikes on Thursday, saying discussions with ‌Iran had progressed and ‌a peace deal that would reopen the Strait ‌of Hormuz ⁠to shipping could ⁠be signed as soon as this weekend. Iran's semi-official Fars news agency reported that Tehran had not approved the text of any agreement.

"While this could, of course, be yet another false dawn, the market's reaction has been both swift and decisive," said IG market analyst Tony Sycamore.

He added that even as oil prices correct downwards, "as long as the price can hold above support in the low $80s, the ⁠risks remain firmly skewed to the upside."

On Thursday, Iran announced "the ‌closure" of the Strait of Hormuz, through which ‌vessel traffic was already severely limited, saying it would fire on any ship trying ‌to pass through the waterway. The strait normally carries a fifth of global ‌oil and liquefied natural gas shipments and Tehran's months-long blockade has kept energy prices elevated.

State media reported on Friday that Iranian forces prevented a tanker from transiting the Strait of Hormuz without coordination.

The US military said on social media that commercial ships continued to transit ‌the waterway.

"We would be cautious about assuming that the extension of the ceasefire is a done deal. Even ⁠if it is, ⁠it could be fragile. And clearly, if nuclear talks do not progress, it could very easily fall apart," said ING analysts in a Friday note.

"We believe the market reaches an inflection point in late July if we do not see oil flows resuming before then. This is when inventory levels and seasonally stronger demand push prices significantly higher towards $120-130 per barrel."

The Organization of the Petroleum Exporting Countries (OPEC) on Thursday lowered its forecast for 2026 world oil demand growth to 970,000 barrels per day (bpd) from a previous 1.17 million bpd, marking its second straight downward revision.

The producer group also said consumption would rebound later, raising its demand growth forecast for 2027. It expects 2027 oil demand to rise by 1.73 million bpd, up 190,000 bpd from its previous forecast.


Saudi Industry Minister Says Kazakhstan Is a Trusted Partner in Critical Minerals

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said Kazakhstan is a trusted partner in the critical minerals sector. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said Kazakhstan is a trusted partner in the critical minerals sector. (SPA)
TT

Saudi Industry Minister Says Kazakhstan Is a Trusted Partner in Critical Minerals

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said Kazakhstan is a trusted partner in the critical minerals sector. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said Kazakhstan is a trusted partner in the critical minerals sector. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said Kazakhstan is a trusted partner in the critical minerals sector, which is essential for energy transition, electricity, and advanced manufacturing industries.

He noted that mining partnerships between the two countries contribute to accelerating investment, strengthening supply chains, and creating sustainable industrial value, the Saudi Press Agency reported on Friday.

The remarks were made during a high-level panel discussion on global partnerships and the future of the mining and minerals sector, held as part of the Astana Mining and Metallurgy Congress in Kazakhstan. Government officials and industry leaders from around the world participated in the meeting.

The minister added that Saudi Arabia and Kazakhstan share similar economic and industrial ambitions, as well as a common vision of the importance of developing the mining sector and its role in supporting economic diversification, enhancing industrial resilience, and achieving sustainable growth.